The state of Tennessee’s INCITE fund has fueled more than $4 million in private investment in ventures including health care, business services and the sports world.
In an announcement, The Tennessee Technology Development Corp., which is administering the fund for the state, announced $4.4 million in private investment following $1.9 million from the government fund. INCITE is a nearly $30 million pot of federal money the administration of Gov. Bill Haslam, a Republican, developed as part of a larger innovation and job creation plan.
The Nashville Business Journal reported earlier on the fund’s focus as it ramped up, as well as debate over its guidelines.
Excerpts from the recent announcement:
“We are encouraged by the level of participation in this initial round of INCITE Fund co-investments and are optimistic about the positive economic impact this program will have on our great state,” Dr. Leslie Wisner-‐Lynch, president and CEO of TTDC, said.
• Molecular Sensing, Inc. — molecular interaction biosensor technology, for use in pharmaceuticals, $450,000 INCITE, $900,000 private investment.
• Pathfinder Therapeutics, Inc. — “GPS”-guided health care technology, $633,333 INCITE, $1.9 million private investment.
• Pro Player Connect — guide for professional athletes and businesses to develop marketing brands, $274,994 INCITE, $550,152 private investment
• SIGNiX — business services technology, $250,000 INCITE, $500,000 private investment
• Venture Incite — technology commercialization, $274,425 INCITE, $548,850 private investment.
Source: Nashville Business Journal http://www.bizjournals.com/nashville/news/2012/05/22/incite-tennessee-bill-haslam-ttdc.html